Financial Health
Well-being extends beyond the physical and emotional—it applies to your financial health too. Financial health needs change as you move through life. Pick your career stage to see tips and tools available to help keep you on the road to financial wellness.
Early Career
We’re excited that you’ve chosen JCPenney to support you as you start your career! You may think that financial health isn’t a topic to consider now, but in fact, focusing on your financial health and taking small actions early on can yield big rewards in the long run.
Pay yourself first with the JCPenney Safe Harbor 401(k) Plan.
If you are at least age 21, now is the time to invest in yourself and your retirement. Yes, retirement is a long way away, but building that nest egg is much easier to do when you start early. Here are a few things to consider:
Want to learn more about 401(k)s?
Aim to contribute a minimum of 5%.
Once you complete 12 months of service and worked 1,000 hours or more during a 12-month period, JCP will match your contribution dollar-for-dollar, up to 5% of your eligible pay. That’s free money the company will give you. If 5% is too much, start with 1% and increase your contribution 1% each year until you reach the 5% goal. You can make pre-tax, after-tax, and Roth contributions.
Review your investment options.
If selecting investments seems daunting, invest in a Target Date Fund (TDF) based on the date you expect to retire. The TDF investment mix varies to give you a good balance based on how far you are from retirement, and it automatically rebalances over time.
The account is portable.
You are immediately vested in both your contributions and any company matching 401(k) funds. Meaning the money you and JCPenney contribute to your account is yours to keep. If you leave JCPenney, you can take the funds with you.
Build your healthcare balance.
Just like with the 401(k), a Health Savings Account (HSA) is a great way to save for the future and unexpected healthcare expenses. If you enroll in the HSA 2500 or HSA 1600, you can contribute to the HSA. Just a few dollars each paycheck can turn into a big balance over time. So, if you’re in an accident, have an unexpected surgery, or start a family, the money is there to cover the cost of care. There are many advantages to an HSA. Visit the Take a Closer Look at the HSA to learn more.
Need help building a budget?
Learning to manage your money and build a budget is important to your financial health. If you need assistance, the WorkLife Financial Education Center can help with budgeting, creating a plan to pay off student loans, and more. call the JCPenney Benefits Center at 1-888-890-8900, Monday - Friday, 8 a.m. – 8 p.m. Central time to get started.
Mid-Career
We’re excited to be a part of your career journey! We know at this stage in life, there are many needs competing for your dollars, but here are a few things to consider as you build and maintain your financial health.
Invest in yourself with the 401(k).
Retirement may seem like it’s way off on the horizon, but preparing for retirement takes time and planning:
Want to learn more about 401(k)s?
Aim for a 5% contribution.
JCP will match your contribution dollar-for-dollar up to 5% of your eligible pay. That’s free money the company will give you. If 5% is too much, start with 1% and increase your contribution 1% each year until you reach the 5% goal. You can make pre-tax, after-tax, and Roth contributions.
Review your investment options.
If selecting investments seems daunting, invest in a Target Date Fund (TDF) based on the date you expect to retire. The TDF investments automatically rebalances over time to become more conservative as your retirement date nears.
Consider a roll-over.
If you have a 401(k) from a previous employer, consider rolling over those funds to your JCPenney 401(k).
Build your healthcare balance.
Just like with the 401(k), a Health Savings Account (HSA) is a great way to save for the future and unexpected healthcare expenses. If you enroll in the HSA 2500 or HSA 1600, you can contribute to the HSA. Just a few dollars each paycheck can turn into a big balance over time. So, if you’re in an accident, have an unexpected surgery, or start a family, the money is there to cover the cost of care. There are even options to invest your HSA onceyour balance reaches $1,000. There are many advantages to an HSA. Visit the Take a Closer Look at the HSA to learn more.
Need help achieving your financial goals?
You’re not alone. Many Americans need a little support to take control of their finances. Whether it’s buying a home, paying down debt, saving for college for the kids, or planning for retirement, the Employee Assistance Program can help.
Cigna Members
BCBSTX Members
Late-Career
We’re excited to be a part of your career journey! Retirement may be a near future goal for you.
Invest in yourself with the 401(k).
Retirement may seem like it’s way off on the horizon, but preparing for retirement takes time and planning:
Take advantage of the catch-up contribution.
When you reach age 50, the IRS allows you to increase your match. And don’t forget, JCPenney will match your contribution dollar-for-dollar up to 5% of your eligible pay. That’s free money the company will give you. If 5% is too much, start with 1% and increase your contribution 1% each year until you reach the 5% goal. You can make pre-tax, after-tax, and Roth contributions.
Review your investment options.
As you near retirement, make sure your mix of investments supports your retirement strategy. Most people opt to move to amore conservative approach as retirement draws near. If selecting investments seems daunting, invest in a Target Date Fund (TDF) based on the date you expect to retire. The TDF investments automatically adjusts based on your target retirement date.
Need help with your retirement?
You’re not alone. As retirement draws near, many people need some help navigating their new financial landscape. The licensed Alight Financial Advisors can assist with your retirement planning needs. Call the JCPenney Benefits Center at 1-888-890-8900, Monday - Friday, 8 a.m. – 8 p.m. Central time to get started.
Review your legal documents.
Are your legal document ducks in a row? Now is the time to review your will and other legal documents to ensure your wishes are captured. The Legal Services Plan can help with will preparation and they can even offer assistance with estate planning. Review the Learn More About Estate Planning video and see the Benefits Guide for more details.
Have questions?
Get quick and easy access to all your benefit vendors. For general benefit questions, such as eligibility or enrollment, call the JCPenney Benefits Center to speak with a benefits specialist.
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